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TLT

iShares 20+ Year Treasury Bond ETFClose $83.02EOD only
Max Pain
$84.00
Next expiry May 20, 2026
Expected Move
±$0.55
0.7% from close
Price Gap
+0.98
Distance to max pain
IV Rank
34
Middle-high premium
P/C OI
0.77
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 19, 2026 close
End-of-day snapshot

This page reflects TLT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 19, 2026 close
Max Pain — TLT
Data as of market close May 19, 2026
Open Directional Report

Nearest listed expiration 2026-05-20 shows max pain at $84.00 (0.98 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$84.00
Nearest expiry
Expected Move
±$0.55
±0.7%
Days to Expiry
1
Calendar days
Total Call OI
74,810
Nearest expiry
Total Put OI
65,336
Nearest expiry
P/C OI Ratio
0.87
Put-heavy
Spot Price
$83.02
Published close
Consensus
7.0/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-05-20
ExpirationMax Pain StrikeLast Updated
2026-05-15$85.005/15/2026, 11:43:06 PM
2026-05-18$85.005/15/2026, 11:43:06 PM
2026-05-20NextUpdated$84.005/19/2026, 11:34:35 PM
2026-05-22$85.005/19/2026, 11:34:35 PM
2026-05-27$84.505/19/2026, 11:34:35 PM
2026-05-29$85.005/19/2026, 11:34:35 PM
2026-06-05$85.005/19/2026, 11:34:35 PM
2026-06-12$85.005/19/2026, 11:34:35 PM
2026-06-18$86.005/19/2026, 11:34:35 PM
2026-06-26$85.005/19/2026, 11:34:35 PM
2026-06-30$86.005/19/2026, 11:34:35 PM
2026-07-17$86.005/19/2026, 11:34:35 PM
2026-08-21$85.005/19/2026, 11:34:35 PM
2026-09-18$87.005/19/2026, 11:34:35 PM
2026-09-30$87.005/19/2026, 11:34:35 PM
2026-10-16$88.005/19/2026, 11:34:35 PM
2026-11-20$88.005/19/2026, 11:34:35 PM
2026-12-18$88.005/19/2026, 11:34:35 PM
2026-12-31$87.005/19/2026, 11:34:35 PM
2027-01-15$87.005/19/2026, 11:34:35 PM
2027-02-19$87.005/19/2026, 11:34:35 PM
2027-03-19$86.005/19/2026, 11:34:35 PM
2027-03-31$83.005/19/2026, 11:34:35 PM
2027-04-16$85.005/19/2026, 11:34:35 PM
Selected expiration: 2026-05-20 at max pain $84.00.
TLT pain by strike for 2026-05-20 expiration
StrikeCall PainPut PainTotal Pain
7703528490035284900
78100002875880028768800
79426002223470022277300
801568001608800016244800
813475001054090010888400
8255270056511006203800
82.566935033382504007600
8381355017183502531900
83.511571008747502031850
8420386005524502591050
84.531383503691003507450
8548397002187005058400
85.570085001048507113350
86943165014009433050
86.51191285010011912950
8714428200014428200
87.516986500016986500
8819687850019687850
88.522544750022544750
8925633650025633650
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures

Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.

How traders use it

It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.

What can break it

Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.

The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.